Advice & Education
Leave a legacy
One of the biggest and longest lasting benefits of giving is the opportunity to leave a legacy for others. Making a decision to be a regular and involved giver means that you can make a difference now and for future generations.
A living legacy
Get involved with giving during your lifetime and you can make an immediate and tangible difference in the lives of others. The benefits of giving now means that you see the outcomes of your giving, and are directly involved in how and where your giving applies. In addition, giving now means that you can potentially access the benefits of tax deductions related to your giving.
The legacy of a life well lived
Another way to leave a lasting legacy is to provide for future generations by establishing a bequest, grant or scholarship that will continue after your lifetime. Planning a bequest or scholarship for a specific cause or organisation means that you can continue to support something you are passionate about for many years to come.
Here are some links you might find helpful.
Use formal structures and documentation to plan the distribution of your estate.
Deceased estates are often professionally administered to ensure that estate distribution follows the deceased’s wishes.
Many Australians use formal structures to distribute their estates to beneficiaries that are organisations such as registered charities. It is their way of providing an enduring legacy for their favourite charitable causes.
This is the process of anticipating, and arranging for, the disposal of your estate. In addition to your will, it may involve trusts, beneficiary designations, powers of appointment, gifts and powers of attorney. Many estate planners advise clients to also create living wills.
You should always seek the advice of a financial or legal adviser regarding your estate distribution.
The main purposes of estate planning are to:
- eliminate uncertainties over the administration of probate
- maximise the value of your estate by reducing taxes and other expenses.
It is worth the effort because it ensures that your wishes and passions will continue when you are no longer here.